According to the latest report by IMARC Group, titled “Trade Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global trade management market size reached US$ 881 Million in 2021. Trade management solutions include computer software and related services, which assist an organization in optimizing business processes and automating different processes of customs, regulatory compliance, global logistics and trade financing. These solutions digitally implement a trade sequence that includes discovering a set-up, determining allocation size, and planning as well as monitoring the entry and exits of the trade. They help in minimizing costs, maximizing profits, reducing the risk for suppliers and buyers, and offering control and transparency of payments, orders and shipments. Consequently, trade management solutions are utilized across different industry verticals, such as healthcare, manufacturing, transportation and logistics, and aerospace and defense.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Trade Management Market Trends:
Trade management solutions aid in reducing manual and back-office operations, owing to which their adoption is increasing across the globe. Moreover, the rising public and private investments in numerous logistics infrastructural projects for import and export management are strengthening the market growth. Along with this, the introduction of technologically advanced solutions, which help in improving supply chain agility, minimizing operational time and reducing distribution costs, is also bolstering the market growth. Furthermore, the emerging trend of digitization, in confluence with rapid industrialization, acts as another growth-inducing factor. Other factors that are projected to escalate the demand for trade management solutions in the upcoming years include the implementation of favorable government policies that promote international trade activities and extensive research and development (R&D) by leading vendors operating in the industry. Looking forward, the market value is projected to reach US$ 1,564 Million by 2027, expanding at a CAGR of 10.5% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the functionality, the market has been segmented into trade function, trade compliance, trade finance, trade consulting and others.
- The market has been analyzed on the basis of the deployment type into cloud-based and on-premises segments.
- Based on the deployment, the market has been divided into small and medium sized enterprises (SMEs) and large enterprises.
- On the basis of the end use sector, the market has been segregated into retail and consumer goods, transportation and logistics, aerospace and defense, healthcare, manufacturing, and others.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Amber Road, Inc., Integration Point, Inc., Livingston International Inc., Oracle Corporation, QAD Inc., QuestaWeb Inc. and SAP SE.
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